Riyadh, Saudi Arabia-07 September 2014 – Swicorp – a leading Saudi investment banking, private equity and asset management firm focused on the MENA region and Turkey – announced today the acquisition by Sadeed Investment Limited of a 30% equity participation in BRC Industrial (Saudia) Limited
Founded in 1974, with revenues poised to exceed SR1 billion this year, BRC is one of the leading long steel products manufacturing and processing companies in Saudi Arabia and has been growing steadily over the past 30 years on the back of strong investment in infrastructure in the Kingdom. Through the ongoing commissioning of its new Dammam plant and the establishment of a new facility in Jeddah, the company is expected to double its capacity and is confirming itself as the partner of choice for all concrete reinforcement needs and fencing solutions across the Kingdom.
Sadeed Investment Limited is a Swicorp and Partners-owned investment vehicle dedicated to making investments in Saudi steel sector.
Commenting on the deal, Sheikh Nasser Al Howaish, BRC’s Chairman and representative of the Al Howaish family, said: “We are delighted to welcome Sadeed and its shareholders onboard as partners in our business, as we believe this partnership will strengthen our organization and reinforce BRC’s position of leadership in the domestic reinforcement and fencing markets.” He emphasized their unwavering “commitment to BRC’s vision of providing excellent customer service and best-in-class systems to our customers.”
Swicorp’s Chairman Kamel Lazaar is equally pleased with the agreement. He said: “We are thrilled to be joining forces with the BRC family. Our profound interaction with the company’s management and outstanding shareholders have led us to appreciate the unique quality offering of the company and recognize that it is a fantastic platform for growth, both in its current lines and on the back of quality opportunities that we seek to pursue hand-in-hand in support of the Kingdom’s economy.”
Moreover, he said “we are honored by the trust placed in us by our first class partners for leading this investment. In the months ahead, Swicorp shall seek to make further direct investments with its partners in strongly grounded and high potential companies such as BRC across the Kingdom.”